Admiral car insurance recently conducted a survey asking 500 drivers aged 17 to 24 if they’d rather update their wardrobe or maintain their car.
A staggering 69% of young adults who took part in the survey said they would much rather give up their fashion trends in order to keep their car.
They also discovered that 60% of young people would rather give up socialising and going to gigs and festivals, to spend money on their car. The least popular items young people would give up was food (18%) and saving for a deposit on a house (13%).
But why are these people spending so much money towards their car?
Admiral worked out that the cost of running a car is high, with fuel and insurance covering 61% of their income. On top of that, costs such as MOT, car tax and maintenance/repairs add on a further 39% so that’s about £3000 a year to run their car.
Admiral has provided a solution to this issue though by introducing black box insurance (Admiral Littlebox). This monitors your driving and gives your insurance company a ‘premium-pricing plan’ based on how you drive, rather than how your age group drives.
Head of Telematics at Admiral, Jo Garcia, said: “Our research shows just how important being mobile is to young drivers, whether that’s for their work or their social life. It also shows they’re not as frivolous as some people might expect.
“Running a car is costly for anybody, but for younger drivers the expense can take a bigger share of their income. There are simple ways they can cut their bills however; buy a car with lower fuel consumption and one with lower vehicle emissions; they’ll save money on fuel and road tax.”
What I think
Nowadays, expensive and ‘trendy’ clothes are so important to young people. It gives us young people much more confidence to walk around without feeling like we’ve dressed ‘trampy’.
However, based on this survey I think it shows that we have matured, rather than the typical view that we throw away our money on late nights and social outings.
Personally, I believe that young people would rather have a car because it’s much more convenient, instead of buying new clothes to keep up with the ever changing fashion trends.
At 17, I love my clothing brands and wouldn’t change that for anything. Although, I am still very young and do not have the same luck others have, as many have cars at my age whether it’s inherited or bought.
For me travel isn’t really that big of an issue. Where I live in London, transport on the bus is free (until you turn 18) and other forms of transport, such as the tube, are not as expensive as the adult fare.